Elliott Wave Analysis of EUR/JPY for February 4, 2014
February 4, 2014 8:10 am
Today’s Support and Resistance levels:
R3: 138.09
R2: 137.65
R1: 137.10
Current Spot: 136.72
S1: 136.18
S2: 135.81
S3: 135.33
Technical summary:
With the break below the base channel support line we have seen the expected acceleration lower. Blue wave (iii) has extended slightly further than we first expected and has reached a low of 136.22 we are now looking for blue wave (iv) towards 137.10 and maybe even higher towards 137.65 before blue wave (v) lower towards at least 135.75 and maybe even lower towards 134.52. Once blue wave (v) is in place that will also mark the bottom of blue wave iii.
Trading recommendation:
Stay short EUR from 141.80 and move your stop lower to 138.30. If you are not short EUR yet, then sell EUR near 137.65 with the same stop at 138.30.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 138.09
R2: 137.65
R1: 137.10
Current Spot: 136.72
S1: 136.18
S2: 135.81
S3: 135.33
Technical summary:
With the break below the base channel support line we have seen the expected acceleration lower. Blue wave (iii) has extended slightly further than we first expected and has reached a low of 136.22 we are now looking for blue wave (iv) towards 137.10 and maybe even higher towards 137.65 before blue wave (v) lower towards at least 135.75 and maybe even lower towards 134.52. Once blue wave (v) is in place that will also mark the bottom of blue wave iii.
Trading recommendation:
Stay short EUR from 141.80 and move your stop lower to 138.30. If you are not short EUR yet, then sell EUR near 137.65 with the same stop at 138.30.
The material has been provided by InstaForex Company – www.instaforex.com
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